In 2024, Kazakhstan is set to
work toward a strategic goal of increasing the GDP. It is worth reminding that Kazakh
President Kassym-Jomart Tokayev assigned the task of doubling the economy to
$450 billion by 2029 in his state-of-the-nation address last year. Specific
measures and tactics for further actions in this direction will be developed at
an expanded government meeting, which will take place in the near future. The
Head of State spoke about this in an extended interview with Egemen Qazaqstan newspaper.
Analysts of the International Monetary Fund (IMF) make favorable forecasts for
the growth of the domestic economy. By the end of 2023, the GDP volume in
Kazakhstan should exceed $259 billion, marking the most significant nominal
growth in Central Asia. Positive dynamics are also observed in the GDP per
capita, with the forecast indicator for 2023 amounting to nearly $13,000. It
bears noting that turning expectations into reality is the responsibility of
the government, which should apply new approaches to economic management,
according to the Kazakh President.
“The global economic situation
certainly affects Kazakhstan. Nevertheless, every challenge always brings new
opportunities. The government should have a carefully calculated action plan,
taking into account all possible scenarios. All measures to stimulate economic
growth must be accompanied by structural reforms aimed at developing entrepreneurship
and competition, protecting private property, and ensuring justice in the legal
system. Under this approach, we will achieve all the goals set, including
doubling the volume of the national economy at the scheduled time,” said the
Head of State.
Large-scale investments and the
implementation of major industrial projects can enable to accelerate the
economy and create new growth points. Therefore, the Investment Headquarters
was recently established in the country and endowed with broad powers, as noted
by President Tokayev in the interview. It is designed to improve the investment
climate and enhance the quality of projects. At the same time, measures to
implement systemic reforms that will consolidate ‘new rules of the game’ in the
entire economy are being taken in Kazakhstan. Among these are the new Budget
Code, adopted laws on public procurement and public-private partnership, and
certainly the development of a new Tax Code, the Head of State stressed. The
latter is intended to help strike a balance between creating comfortable
conditions for investors and maintaining the level of revenues to the state
budget.
